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Share on FacebookLeapin’ Lizards, Batman, the Stock Market’s in Trouble!
S&P 500 sinks 6.7% to ‘97 low. Broad measure of the market closes at the lowest point in 11-1/2 years in another brutal day on Wall Street. Wall Street slumped Thursday afternoon and the S&P 500 closed at an 11-1/2 year low as fears of a prolonged recession sparked a massive selloff.
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I am adding this post as a marker to remember this day. We have seen the low back to 1997 and we are looking at unemployment rates and economic slowing that best equates with the 1930’s. Even though unemployment was 25% or more percent back them, at 8% unemployment right now, layoffs in major financial firms and a looming auto industry epidemic that might lead to another 2 million lost jobs, this is quickly looking much worse than a recession. Though better days are always to come, we need to remember the day the market hit this level.
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